Tous les séminaires
Jeudi 26 Septembre 2013
François GOURIO (Boston University)
présentera une communication : "Customer Capital" (avec Leena RUDANKO)
de 14 h à 15 h 30 en salle S016 à l'INSEE-CREST, 15 Boulevard Gabriel Péri, 92245 MALAKOFF (Métro : Malakoff/Plateau de Vanves (Immeuble "Malakoff 2)).
Abstract : Firms spend substantial resources on marketing and selling. Interpreting this as evidence of frictions in product markets, which require ﬁrms to spend resources on customer acquisition, this paper develops a search theoretic model of ﬁrm dynamics in frictional product markets. Introducing search frictions generates long-term customer relationships, rendering the customer base a state variable for ﬁrms, which is sluggish to adjust. This aﬀects: the level and volatility of ﬁrm nvestment, proﬁts, value, sales and markups, the timing of ﬁrm responses to shocks, and the relationship between investment and Tobin’s q. We document support for these predictions in ﬁrm-level data from Compustat, using cross-industry variation in selling expenses to quantify diﬀerences in the degree of friction across markets.